• XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
  • A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
  • A daily close below the $0.92 foothold will invalidate the bullish thesis.

XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.

XRP price to pull a 180

XRP price has dropped roughly 23% since November 10 to where it currently trades - $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely. 

In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.

While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price to double as MANA enters buy zone

Decentraland price correction nears an end as it approaches the buy zone, extending from $3.11 to $3.64. A dip into this area will likely reverse the downtrend and trigger a 107% upswing to $7.50. A breakdown of the range low at $2.46 will invalidate the bullish thesis.

More Decentraland News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

ETH is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. ETH is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Dogecoin price forms triple bottom with DOGE targeting $0.30

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate how DOGE might be ready to bounce.

More Dogecoin News

Terra primed for profit-taking following LUNA's all-time high

Terra price looks ready for a minor correction after setting up a new all-time high. The recent rally has pushed LUNA up without a major pullback, making the anticipated retracement highly likely.

More Terra News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!